It's likely that the upcoming Bitcoin ETF was approved because it is based on Bitcoin futures [1], and since there is already an established regulatory framework for those, under the jurisdiction of the CFTC, it was allowed.

The CFTC also said, in 2019, "virtual currencies, such as Bitcoin, have been determined to be commodities under the Commodity Exchange Act (CEA)" [2]. They also fined Kraken for offering margin to clients, but "failing to register as a futures commission merchant" [3].

It appears the SEC also has jurisdiction over certain cryptos that have been determined to be securities as well, since they have raised several cases for those [4, 5, 6, 7].

The IRS also considers virtual currencies to be property [8].

Based on this, there is already regulation and asset classification already going on, although I do think it would be great to have more clarity and agreement between the different regulating bodies, regarding crypto, in the US. For now, maybe it's just that some cryptos aren't considered securities until they are called out to be, and the rest would be considered commodities, at least until we hear more about this from regulators.

[1] https://www.cnbc.com/2021/10/15/bitcoin-etfs-may-finally-mak...

[2] https://www.cftc.gov/sites/default/files/2019-12/oceo_bitcoi...

[3] https://www.cftc.gov/PressRoom/PressReleases/8433-21

[4] https://www.sec.gov/enforce/33-10715-s

[5] https://www.sec.gov/news/press-release/2020-262

[6] https://www.sec.gov/news/press-release/2020-338

[7] https://www.sec.gov/news/press-release/2021-172

[8] https://www.irs.gov/businesses/small-businesses-self-employe...